Short Summary

The first day of talks by Ministers representing the 13 members of the Organisation of Petroleum Exporting Countries (OPEC) ended in Vienna, Austria, on Thursday (12 December).

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The first day of talks by Ministers representing the 13 members of the Organisation of Petroleum Exporting Countries (OPEC) ended in Vienna, Austria, on Thursday (12 December). They had come to discuss oil prices for 1975. But according to the Iranian representative at the meeting, no final decisions had yet been made.

Meanwhile, in saudi Arabia's capital Riyadh, Britain's Chancellor of the Exchequer Denis Healey was leaving after a series of talks with Saudi leaders. He had two major topics on his agenda for the visit; the first was Saudi Arabia's decision not to continue receiving payments for oil in sterling, the second was British hopes for increased Saudi investment in British industry.

Mr. Healey returned to London late on Thursday (12 December). He did not comment in any detail about his talks with Saudi leaders, but said the Saudis had expressed their interest in increasing investment in Britain. On the question of the end of sterling payments for oil, Mr. Healey said it did not matter what currency they chose, as long as they continue to put their money in Britain.

SYNOPSIS: Ministers representing the 13 member states of the Organisation of Petroleum Exporting Countries -- known as OPEC -- met in Vienna on Thursday.

This was the first day of a series of meetings to decide on oil-price levels for 1975. At the end of the first day of these crucial meetings no decision had, apparently, been reached ... At least, according to the Iranian Interior Minister Jamshid Amouzegar. He told newsmen the conference would reach a decision supporting the interests of consuming nations as it would limit oil company profits.

Meanwhile, in Saudi Arabia;s capital, Riyadh, Britain's Chancellor of the Exchequer Denis Healey was on an important oil mission of his own. He'd come to meet with a number of Saudi leaders -- including King Faisal himself. The main topic of conversation centred on two points: Saudi investment in British industry and the Saudi refusal to accept oil payments in sterling. Mr. Healey said he was confident on both points.